On Sunday, September 28, congressional leadership issued the Emergency Economic Stabilization Act of 2008, posted online (in PDF) by Speaker Pelosi and by the House Financial Services Committee. This bill is the latest version of Congress' gigantic taxpayer bailout of the financial sector, with a potential cost of $700 billion or more than $2000 per American citizen. We believe, as Justice Brandeis said, that "Sunlight is the best of disinfectants," and that all legislation ought to be open to public comment and consideration in real-time, not just after the fact. So, as a public service, we're posting the 110-page text for public comment.
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Read and comment on the Senate's most recent bill, posted October 1, 2008.
TITLE I - Troubled Assets Relief Program
- Sec. 101. Purchases of Troubled Assets. (37 comments)
- Sec. 102. Insurance of Troubled Assets. (6 comments)
- Sec. 103. Considerations. (3 comments)
- Sec. 104. Financial Stability Oversight Board. (8 comments)
- Sec. 105. Reports. (1 comment)
- Sec. 106. Rights; Management; Sale of Troubled Assets; Revenues and Sale Proceeds. (2 comments)
- Sec. 107. Contracting Procedures. (7 comments)
- Sec. 108. Conflicts of Interest. (3 comments)
- Sec. 109. Foreclosure Mitigation Efforts. (2 comments)
- Sec. 110. Assistance to Homeowners. (12 comments)
- Sec. 111. Executive Compensation and Corporate Governance. (17 comments)
- Sec. 112. Coordination With Foreign Authorities and Central Banks. (1 comment)
- Sec. 113. Minimization of Long-Term Costs and Maximization of Benefits for Taxpayers. (1 comment)
- Sec. 114. Market Transparency. (2 comments)
- Sec. 115. Graduated Authorization to Purchase. (5 comments)
- Sec. 116. Oversight and Audits. (2 comments)
- Sec. 117. Study and Report on Margin Authority.
- Sec. 118. Funding. (1 comment)
- Sec. 119. Judicial Review and Related Matters. (1 comment)
- Sec. 120. Termination of Authority.
- Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
- Sec. 122. Increase in Statutory Limit on the Public Debt. (2 comments)
- Sec. 123. Credit Reform.
- Sec. 124. Hope for Homeowners Amendments.
- Sec. 125. Congressional Oversight Panel. (6 comments)
- Sec. 126. FDIC Authority.
- Sec. 127. Cooperation With the FBI. (1 comment)
- Sec. 128. Acceleration of Effective Date. (4 comments)
- Sec. 129. Disclosures on Exercise of Loan Authority. (1 comment)
- Sec. 130. Technical Corrections.
- Sec. 131. Exchange of Stabilization Fund Reimbursement. (1 comment)
- Sec. 132. Authority to Suspend Mark-to-Market Accounting. (5 comments)
- Sec. 133. Study on Mark-to-Market Accounting. (1 comment)
- Sec. 134. Recoupment. (2 comments)
- Sec. 135. Preservation of Authority.
- TITLE II - Budget-Related Provisions
TITLE III - Tax Provisions
- Sec. 301. Gain or Loss From Sale of Exchange of Certain Preferred Stock. (1 comment)
- Sec. 302. Special Rules for Tax Treatment of Executive Compensation of Employers Participating in the Troubled Assets Relief Program. (5 comments)
- Sec. 303. Extension of Exclusion of Income From Discharge of Qualified Principal Residence Indebtedness.